Source: Cointelegraph
Original: “Theta Capital Raises $175 Million to Support Early Blockchain Startups”
Amsterdam-based Theta Capital Management has raised over $175 million for its latest fund of funds, aimed at supporting early blockchain startups through specialized venture capital (VC) firms.
According to Ruud Smets, managing partner and chief investment officer of Theta, this new investment vehicle, named Theta Blockchain Ventures IV, will inject funds into crypto-native venture capital firms with a strong track record in supporting blockchain innovation.
Smets stated that the strategy focuses on specialized management teams that can outperform generalist investors in the earliest funding rounds.
"We have been looking for areas where specialization and active management can provide a sustainable competitive advantage," Smets noted. He mentioned that the experience and market positioning of crypto-focused venture capital firms "accumulates over time," creating barriers for non-specialized investors to enter the field.
Founded in 2001, Theta shifted its strategic focus to the digital asset space in 2018 and currently manages approximately $1.2 billion in assets. The firm has previously supported leading crypto investment firms such as Polychain Capital, CoinFund, and Castle Island Ventures.
Source: Theta Capital
The completion of the fundraise coincides with the beginning of a recovery in the crypto venture capital market. According to Galaxy Digital, venture capital investment in digital assets grew by 54% in the first quarter of 2025, reaching $4.8 billion, indicating a renewed confidence in the industry after a prolonged slump.
Another report from PitchBook shows that despite a decrease in transaction activity, crypto venture capital funding saw significant growth at the start of 2025.
The report indicated that 405 venture capital deals were completed in the first quarter of 2025, a 39.5% decrease from 670 deals in the same period last year. However, this is a slight increase from the 372 deals in the fourth quarter of 2024.
Despite the decrease in the number of deals, the total funding amount more than doubled year-on-year, reaching $6 billion in the first quarter, compared to $2.6 billion in the first quarter of 2024, which was double the $3 billion from the previous quarter.
PitchBook senior crypto analyst Robert Le pointed out that even amid macroeconomic uncertainty, "capital continues to seek the core utility infrastructure of crypto."
Most of the investment—approximately $2.55 billion—was directed towards asset management, trading platforms, and crypto financial services companies, involving only 16 deals. Infrastructure and development companies followed closely, raising nearly $955 million through 30 deals.
Web3-focused companies ranked third in terms of deal count and funding amount, with 23 deals and $231.2 million, respectively. Source: PitchBook.
PitchBook also noted that Circle's anticipated IPO could be the most significant crypto equity pricing event since Coinbase went public in 2021.
If Circle's valuation exceeds the rumored range of $4 billion to $5 billion, Le stated that this "could attract new late-stage capital injections and generally raise valuation expectations in the payments and infrastructure sectors."
Based on the $1.18 billion in venture capital already raised, PitchBook estimates a 64% probability that Circle will eventually go public.
Related: Senate Stablecoin Bill Vote Sparks Division Among Democrats, Anti-Corruption Concerns Become Controversial Focus
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